January 29, 2018 -- Total pension costs at Santa Monica City Hall will climb almost 75 percent by the 2024-2025 fiscal year, as the City continues to shoulder a huge unfunded liability -- or pension obligations it failed to fully fund -- and ongoing annual payments, according to a new analysis by a Sacramento-based think tank.

The report by the California Policy Center, based on data from the California Public Employee Retirement System (CalPERS), forecasts total pensions payment from City coffers to CalPERS will reach about $94 million seven years from now, compared to the $54 million the City paid in the 2017-2018 year.

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